Bengaluru-based startup lays off 18 employees, co-founders offer employment help

Two co-founders of a Bengaluru-based startup introduced on Wednesday that greater than a dozen workers can be laid off. The layoffs at Fam have been necessitated as a result of a shift in focus from hyper-growth to sustainability, Sambhav Jain defined on X (previously Twitter).

co-founders of fintech app Fam Sambhav Jain and Kush Taneja (R). (Twitter, Linkedin)
co-founders of fintech app Fam Sambhav Jain and Kush Taneja (R). (Twitter, Linkedin)

Nonetheless, the co-founder of the fintech app requested recruiters to contact them on DM to rent the fired workers. Kush Taneja additionally retweeted Jain’s tweet and supplied to assist the ‘Famstars’ to find new employment.

Calling it a ‘difficult’ determination for the ‘people-first’ organisation, Jain wrote, “One of the most difficult things to do as a founder is to let people go. Today was a tough day as we had to let go 18 members of the Fam across functions. Parting ways is never easy, especially for a people-first organisation like ours, where everyone is emotionally connected.”

He added that aside from creating Fam, he and Taneja have been ‘most proud’ of the workforce they’ve constructed through the years. Jain highlighted that they have been unable to supply the affected workers positions that ‘enhance their personal growth and give joy at work’.

“Given the shift in focus of the corporate from hyper-growth to sustainability, we wouldn’t have been in a position to present these individuals with a job within the firm that would justify their private progress, may gasoline the fireplace to their ardour, and most significantly pleasure at work,” he mentioned.

Wishing the sacked workers good luck, Jain expressed his confidence in them doing wonderful issues in future. “We have now all of the compassion for them and are assured that these individuals will construct wonderful issues wherever they go, and need everybody one of the best in life.” He concluded the X thread by stating that he’ll be glad to share related profiles for these looking out for individuals in EPD and Progress features.

Taneja additionally tweeted, “At this time was an especially unhappy day for us as 18 of our FamStars needed to go away. We’re without end grateful for his or her contributions in constructing the Fam! Please DM in case you are searching for tremendous passionate and extraordinary of us on your workforce.”

The X put up acquired blended reactions from customers with one saying that an organization can’t name itself ‘people-first’ in the event that they lay off workers amid a ‘fund crunch’. The consumer wrote, “As a enterprise, individuals are employed and fired however do not name your self ‘people-first’ or ‘household’ if the very first thing you do when funding shrinks is firing individuals…a Household does not throw out its members when ration is much less.””

Is it truthful to count on ardour out of your workforce after they can get laid off for no fault of theirs? After which construct the identical ardour for his or her subsequent function? Commenting on the overuse of ‘ardour’ in company converse,” added one other consumer.

Nonetheless, one consumer expressed his intent to rent and replied, “I am sure Fampay will come out stronger. We are hiring. Not able to DM you – apparently only blue tick users can DM you. Can we connect?”

A number of startups, together with Meesho, Unacademy, and Swiggy, have fired almost 500-1000 workers every in 2023 alone.

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